Question: Define/explain the following terms and give an example where indicated. Term or concept Explanation/Definition (cells will expand as you type) Example Financial position Asset Liability
Define/explain the following terms and give an example where indicated.
| Term or concept | Explanation/Definition (cells will expand as you type) | Example |
| Financial position |
|
|
| Asset |
|
|
| Liability |
|
|
| Owners Equity |
|
|
2. Gina Esposito is a student at Northview Collegiate. The following is a list of items that Gina has prepared in order to calculate her personal Net Worth or Financial Position on May 31, 2015. Calculate Ginas financial position.
Cash in bank: $225
MP3 player: $125
Clothes: $730
Cell phone $80
Jewellery $140
Loan from mother: $350
| Ginas Assets (Cells will expand as you type.) Value | |
|
|
|
| Total Assets |
|
| Ginas Liabilities | |
|
|
|
| Total Liabilities |
|
| Ginas Net Worth |
|
3. Complete the following equations by solving for the missing number.
| A = L + OE | ||
| 45 000 | 15 000 |
|
| 85 000 |
| 65 000 |
|
| 110 000 | 145 000 |
| 92 000 | 40 000 |
|
|
| 275 000 | 300 000 |
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
Study Help